A robust team will divide up his responsibilities.
Harbor International HAINX comanager Ted Wendell announced that he will step down from the $46.7 billion, Gold-rated fund on June 30, 2014. Wendell has made significant contributions to the fund since joining legendary former manager Hakan Castegren in 1985, working first in an operations role before joining the investment team. But as is the case with everything this team does, it has been preparing for Wendell's departure for years.
After announcing Wendell's retirement in January, the team left itself plenty of time to divide his responsibilities among the three remaining comanagers. Since the team shares research duties and operates democratically, it's easier to redistribute assignments.
Overall, the team remains well-resourced. Three experienced managers remain in place at the fund's advisor Northern Cross, and Scott Babka, who became director of research in 2012, was made a partner at the firm in December 2013. (There are no immediate plans to make him a comanager.) Northern Cross also hired experienced analyst Hai Gao in July 2012, and it's possible that the team will add an additional analyst in the next six to 12 months.